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Purchasing Insurance Brokerage Services - Procurement Research Report

Overview

ProcurementIQ’s Insurance Brokerage Services Procurement Research Report is a comprehensive guide to purchasing Insurance Brokerage Services. This report offers strategic analysis of the factors influencing purchasing decisions, including price trends and three-year forecasts, input costs and demand factors, along with key suppliers and an analysis of the extended supply chain. Armed with the right procurement intelligence, your company will be able to make educated purchasing decisions.

Insurance Brokerage Services - Recent Price Trend

During the three years to 2018, the average price of insurance brokerage services has increased an estimated 0.3 percentage points. This increase in price is the result of strengthening demand for services and rising overhead costs. Although the rate of price growth has been slow and stable, the increase in service prices has still negatively affected buyer power.Demand for insurance brokerage.

Insurance Brokerage Services - Total Cost of Ownership

The total cost of ownership for insurance brokerage services is low. Therefore, buyers can typically expect to pay less than 50.0% of the benchmark price in additional annual fees. Insurance brokers and agents generally have few hidden fees because their contracts state that they provide full service for the duration of the insurance policy. Consequently, the commissions of most brokers and.

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About this Report

This report is intended to assist buyers of insurance brokerage services. Vendors in this market help buyers across all industries purchase insurance coverage to protect their businesses. Market providers include brokers and agents, both of which act as intermediaries between buyers and insurance carriers. Specifically, brokers shop for the best insurance policies and coverage by evaluating the offerings of multiple insurance carriers. This report focuses primarily on vendors that offer commercial insurance brokerage services to business clients. This report does not include consumer insurance, insurance carriers that sell directly to buyers, insurance claims processing services or risk management consulting services.